Revenues: Sloane Company Income Statement As of December 31, 2021 Sales revenue Accrued rent.. Gain on sale of investment. Deferred revenue.. Interest payable.. Accumulated depreciation.. Total revenue $290,550 4,000 2,700 2,000 1,500 32,000 332,750 Less operating expenses: Indirect manufacturing labor costs.. 7,200 Utilities expense 9,200 Direct manufacturing labor costs. 42,000 Factory equipment... 50,000 Direct materials purchased.. 95,000 Insurance expense... Restructuring costs. Rent expense 2,500 4,550 27,000 Selling expenses.. 38,000 Other factory indirect costs... 4,000 Dividend paid... 1,500 Administrative expenses..... 34,400 Research and development expense. 5,000 Interest expense.... 1,200 Prepaid insurance Short-term investment.. 4,000 8,000 Total operating expenses 333,550 Net operating loss. (S,800) a. Seventy five percent (75%) of utilities expense and 70% of insurance expense are for factory operations. Add the remaining utilities and insurance expenses equally to selling expenses and administrative expenses. b. Eighty percent (80%) of the rent expense is associated with factory operations. Add the remaining rent expense equally to selling expenses and administrative expenses. c. Factory equipment was purchased January 1, 2019. It was estimated that the useful life of this equipment is 5 years and the residual value $5,000. The $32,000 accumulated depreciation above is at 1/1/2021. No depreciation was charged for 2021. The company uses the double-declining balance method of depreciation. d. Inventory balances are: Direct materials... Work-in-process ...Fipished goods. January 1, 2021 $4,600 $9,000 $24.000. December 31, 2021 $7,000 $12,000 .$30.000. The president is disappointed with the results of operations and has asked you to review the income statement and make a recommendation as to whether the company should look for a buyer for its assets. Required: 1. As one step in gathering data for the president, prepare a revised statement of cost of goods manufactured for the year ended December 31, 2021. 2. As a second step, prepare a corrected multiple-step income statement for the year ended December 31, 2021.